DALLAS, June 16, 2000 (PRIMEZONE) -- American Realty Trust, Inc. (NYSE:ARB) Friday said that absolutely no ART Series J Preferred Stock was ever issued by the company to any persons or companies listed in the indictments issued by the U.S. Attorney's office in New York on Wednesday, or to any other person, firm or corporation. American Realty said no allegations of wrongdoing are pending against the company and emphasized that any news reports that state a potential company involvement are false.
In addition, American Realty Trust said its financial position is sound, having reported March 31, 2000, it has total assets of more than $918.2 million. The company noted again that special advisor Gene Phillips and vice president A. Cal Rossi of Basic Capital Management, Inc. have stepped aside from any company operations.
"Our operations are continuing in as normal a fashion as possible," said Phyllis Wolper, director of Investor Relations. "The key point is the allegations of wrongdoing have nothing to do with American Realty Trust or any of its affiliated corporate entities. We understand the confusion, but perception of company involvement is just not true."
Dallas-based American Realty Trust, Inc. owns a diverse portfolio of properties located across the United States, as well as interests in mortgage loans and stock holdings in real estate related entities. For more information on the company, go to the Investor Data page of its web site at www.amrealtytrust.com .